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Intel Revises CHIPS Act Agreement, Receives $5.7bn
September 2, 2025
Intel revised its CHIPS Act agreement with the US Department of Commerce, eliminating earlier project milestone requirements. This has enabled Intel receive ~$5.7bn in cash ahead of schedule, granting Intel greater flexibility over the funds. The move is believed to provide Intel more flexibility over the funds, although some restrictions on usage remains — the funds can not be used for dividends and buybacks, certain control-changing deals and from expanding in certain countries. As part of this agreement, Intel issued 274.6mn shares to the US government and granted the option to buy up to an additional 240.5mn shares under certain conditions. Also, 158.7mn shares were placed in escrow, set to be released when further CHIPS funding is available for the Secure Enclave program. Intel confirmed that it has already spent at least $7.87bn on projects eligible for CHIPS Act funding. The update comes just weeks after the US government’s move to take a 9.9% equity stake in Intel.
Intel’s 5.2% 2033s were trading stable at 100.5, yielding 5.1%.
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